NYC NEW DEVELOPMENT ROUNDUP

ricardo, Jul 17, 2012 11:52:17 PM

 

New Development condo inventory in Manhattan has been on a downward trend in the wake of the Great Recession. Now, four years later, the number of new development projects coming on the market have risen. The most prevalent of these new developments is that of pre-war luxury condo conversions in tony neighborhoods, which seems to be a trend at the moment. Conversions are much easier to finance than big new glass and steel buildings, although, there are a few new record breaking towers that are slated to come on to the market in the next few years as well – all serving the luxury buyer, it seems.

The New York Times and the Real Deal recently reported on new developments in the pipeline in their respective articles, “Back in Business” and “NYCs New Condo Wave.” While we wouldn’t call this level of new development activity a wave, there a number of interesting projects that have either been revived or are brand new. Much of this new inventory is in the Luxury Market Segment, so the average price of all the projects in the pipeline is expected to be at least $2,000 per square foot.

The forthcoming new development projects that we are most excited about are:

 

530 Park Avenue

This 119 unit pre-war conversion in the heart of the “real” Upper East Side between 60th and 61st St. on Park Avenue will be a great addition to an area where there is a dearth of condos. Prices are averaging around $3,000 per square foot and the building will be available occupancy in fall 2012. Classic Marketing LLC is marketing the project.

 

One Madison Park

The long-awaited resurrection of One Madison Park is finally here, as the Related Group has breathed new life into this high profile project that has been dormant for the last few years. This already-built ultramodern 50-story high-rise that “resembles stacks of glass cubes” will have 65 units. The building is located in the heart of downtown - the Flat Iron District – at 22 East 23rd St. One Madison Park is expected to re-launch in the fall 2012.

 

18 Gramercy Park

This gut renovation of an 18 story red brick building right on Gramercy Park is brought to us from the same developer as 15 Central Park West, the Zeckensdorfs. With only 16 units, think boutique chic on the park. Prices are reported to average $4,000 per square foot and an in-house sales office is scheduled to open in September 2012. The project is being exclusively marketed by Brown Harris Stevens Select.

 

Helmsley Carlton House

This rare pre-war conversion of the old Helmsley Carlton Hotel into 68 luxury condos next to Barneys and across from Hermes is destined to be a hit. This is a perfect location on Madison between 61st and 62nd Streets. We anticipate that prices will reflect its rare UES location. The property is being developed by Extell and is slated for completion in 2014.

 

150 Charles

Formerly the Whitehall Storage building on Hudson River, 150 Charles was designed by architects Cook + Fox and will include 98 units. The building will be thoroughly modern despite its historic façade. Given its location in the West Village, neighbors to the tony Richard Meier and Superior Ink buildings along the Hudson River, and all the players involved, we expect this property will be a knockout. The project will be marketed by Douglas Elliman.

 

737 Park Avenue

A rare pre-war conversion at East 71st St. and Park Avenue, this building is being converted into luxury condos by Henry Macklowe and the CIM Group, the same developers of 432 Park Avenue at the old Drake Hotel. Expect grand apartments with pre-war character. Completion date is unknown.

 

432 Park Avenue (the Drake Tower)

Slated to be the tallest residential building when it’s completed, this 81-story tower will be close to 1,400 feet high. Located across the street from the Four Season Hotel, 432 Park Avenue is expected to have 128 apartments at an average price per square foot of $4,500 (per the WSJ). To-date, the building has not received its financing, but we expect as the economy improves the building will secure the required lending, as there has been a high level of international demand for ultra-luxury condos in Manhattan. See our latest blog on the building at:

432 Park Avenue

 

Tower Verre

Designed by Jean Nouvel, Tower Verre, once known as the MoMa Tower, will be 78 stories tall, after having its top chopped off by the NY Buildings Department. Located between Fifth and Sixth Avenues on 53rd St., Tower Verre will feature a hotel and gallery space for the MoMa. While not many details have been released about the project, Crain’s has reported that the developer has hired Corcoran Sunshine Marketing Group to sell the building.

 

56 Leonard St.

Before the Great Recession, the foundation of this 57-story tower in Tribeca had been started and was to feature 145 apartments. With new equity partners, it is expected that his building may rise after all. Corcoran Sunshine Marketing is the exclusive sales agent for the building, although there are few details about when and if the property will be erected.
 

New Development condo inventory in Manhattan has been on a downward trend in the wake of the Great Recession. Now, four years later, the number of new development projects coming on the market have risen. The most prevalent of these new developments is that of pre-war luxury condo conversions in tony neighborhoods, which seems to be a trend at the moment. Conversions are much easier to finance than big new glass and steel buildings, although, there are a few new record breaking towers that are slated to come on to the market in the next few years as well – all serving the luxury buyer, it seems.

The New York Times and the Real Deal recently reported on new developments in the pipeline in their respective articles, “Back in Business” and “NYCs New Condo Wave.” While we wouldn’t call this level of new development activity a wave, there a number of interesting projects that have either been revived or are brand new. Much of this new inventory is in the Luxury Market Segment, so the average price of all the projects in the pipeline is expected to be at least $2,000 per square foot.

The forthcoming new development projects that we are most excited about are:

 

530 Park Avenue

This 119 unit pre-war conversion in the heart of the “real” Upper East Side between 60th and 61st St. on Park Avenue will be a great addition to an area where there is a dearth of condos. Prices are averaging around $3,000 per square foot and the building will be available occupancy in fall 2012. Classic Marketing LLC is marketing the project.

 

One Madison Park

The long-awaited resurrection of One Madison Park is finally here, as the Related Group has breathed new life into this high profile project that has been dormant for the last few years. This already-built ultramodern 50-story high-rise that “resembles stacks of glass cubes” will have 65 units. The building is located in the heart of downtown - the Flat Iron District – at 22 East 23rd St. One Madison Park is expected to re-launch in the fall 2012.

 

18 Gramercy Park

This gut renovation of an 18 story red brick building right on Gramercy Park is brought to us from the same developer as 15 Central Park West, the Zeckensdorfs. With only 16 units, think boutique chic on the park. Prices are reported to average $4,000 per square foot and an in-house sales office is scheduled to open in September 2012. The project is being exclusively marketed by Brown Harris Stevens Select.

 

Helmsley Carlton House

This rare pre-war conversion of the old Helmsley Carlton Hotel into 68 luxury condos next to Barneys and across from Hermes is destined to be a hit. This is a perfect location on Madison between 61st and 62nd Streets. We anticipate that prices will reflect its rare UES location. The property is being developed by Extell and is slated for completion in 2014.

 

150 Charles

Formerly the Whitehall Storage building on Hudson River, 150 Charles was designed by architects Cook + Fox and will include 98 units. The building will be thoroughly modern despite its historic façade. Given its location in the West Village, neighbors to the tony Richard Meier and Superior Ink buildings along the Hudson River, and all the players involved, we expect this property will be a knockout. The project will be marketed by Douglas Elliman.

 

737 Park Avenue

A rare pre-war conversion at East 71st St. and Park Avenue, this building is being converted into luxury condos by Henry Macklowe and the CIM Group, the same developers of 432 Park Avenue at the old Drake Hotel. Expect grand apartments with pre-war character. Completion date is unknown.

 

432 Park Avenue (the Drake Tower)

Slated to be the tallest residential building when it’s completed, this 81-story tower will be close to 1,400 feet high. Located across the street from the Four Season Hotel, 432 Park Avenue is expected to have 128 apartments at an average price per square foot of $4,500 (per the WSJ). To-date, the building has not received its financing, but we expect as the economy improves the building will secure the required lending, as there has been a high level of international demand for ultra-luxury condos in Manhattan. See our latest blog on the building at:

432 Park Avenue

 

Tower Verre

Designed by Jean Nouvel, Tower Verre, once known as the MoMa Tower, will be 78 stories tall, after having its top chopped off by the NY Buildings Department. Located between Fifth and Sixth Avenues on 53rd St., Tower Verre will feature a hotel and gallery space for the MoMa. While not many details have been released about the project, Crain’s has reported that the developer has hired Corcoran Sunshine Marketing Group to sell the building.

 

56 Leonard St.

Before the Great Recession, the foundation of this 57-story tower in Tribeca had been started and was to feature 145 apartments. With new equity partners, it is expected that his building may rise after all. Corcoran Sunshine Marketing is the exclusive sales agent for the building, although there are few details about when and if the property will be erected.
 

New Development condo inventory in Manhattan has been on a downward trend in the wake of the Great Recession. Now, four years later, the number of new development projects coming on the market have risen. The most prevalent of these new developments is that of pre-war luxury condo conversions in tony neighborhoods, which seems to be a trend at the moment. Conversions are much easier to finance than big new glass and steel buildings, although, there are a few new record breaking towers that are slated to come on to the market in the next few years as well – all serving the luxury buyer, it seems.

The New York Times and the Real Deal recently reported on new developments in the pipeline in their respective articles, “Back in Business” and “NYCs New Condo Wave.” While we wouldn’t call this level of new development activity a wave, there a number of interesting projects that have either been revived or are brand new. Much of this new inventory is in the Luxury Market Segment, so the average price of all the projects in the pipeline is expected to be at least $2,000 per square foot.

The forthcoming new development projects that we are most excited about are:

 

530 Park Avenue

This 119 unit pre-war conversion in the heart of the “real” Upper East Side between 60th and 61st St. on Park Avenue will be a great addition to an area where there is a dearth of condos. Prices are averaging around $3,000 per square foot and the building will be available occupancy in fall 2012. Classic Marketing LLC is marketing the project.

 

One Madison Park

The long-awaited resurrection of One Madison Park is finally here, as the Related Group has breathed new life into this high profile project that has been dormant for the last few years. This already-built ultramodern 50-story high-rise that “resembles stacks of glass cubes” will have 65 units. The building is located in the heart of downtown - the Flat Iron District – at 22 East 23rd St. One Madison Park is expected to re-launch in the fall 2012.

 

18 Gramercy Park

This gut renovation of an 18 story red brick building right on Gramercy Park is brought to us from the same developer as 15 Central Park West, the Zeckensdorfs. With only 16 units, think boutique chic on the park. Prices are reported to average $4,000 per square foot and an in-house sales office is scheduled to open in September 2012. The project is being exclusively marketed by Brown Harris Stevens Select.

 

Helmsley Carlton House

This rare pre-war conversion of the old Helmsley Carlton Hotel into 68 luxury condos next to Barneys and across from Hermes is destined to be a hit. This is a perfect location on Madison between 61st and 62nd Streets. We anticipate that prices will reflect its rare UES location. The property is being developed by Extell and is slated for completion in 2014.

 

150 Charles

Formerly the Whitehall Storage building on Hudson River, 150 Charles was designed by architects Cook + Fox and will include 98 units. The building will be thoroughly modern despite its historic façade. Given its location in the West Village, neighbors to the tony Richard Meier and Superior Ink buildings along the Hudson River, and all the players involved, we expect this property will be a knockout. The project will be marketed by Douglas Elliman.

 

737 Park Avenue

A rare pre-war conversion at East 71st St. and Park Avenue, this building is being converted into luxury condos by Henry Macklowe and the CIM Group, the same developers of 432 Park Avenue at the old Drake Hotel. Expect grand apartments with pre-war character. Completion date is unknown.

 

432 Park Avenue (the Drake Tower)

Slated to be the tallest residential building when it’s completed, this 81-story tower will be close to 1,400 feet high. Located across the street from the Four Season Hotel, 432 Park Avenue is expected to have 128 apartments at an average price per square foot of $4,500 (per the WSJ). To-date, the building has not received its financing, but we expect as the economy improves the building will secure the required lending, as there has been a high level of international demand for ultra-luxury condos in Manhattan. See our latest blog on the building at:

432 Park Avenue

 

Tower Verre

Designed by Jean Nouvel, Tower Verre, once known as the MoMa Tower, will be 78 stories tall, after having its top chopped off by the NY Buildings Department. Located between Fifth and Sixth Avenues on 53rd St., Tower Verre will feature a hotel and gallery space for the MoMa. While not many details have been released about the project, Crain’s has reported that the developer has hired Corcoran Sunshine Marketing Group to sell the building.

 

56 Leonard St.

Before the Great Recession, the foundation of this 57-story tower in Tribeca had been started and was to feature 145 apartments. With new equity partners, it is expected that his building may rise after all. Corcoran Sunshine Marketing is the exclusive sales agent for the building, although there are few details about when and if the property will be erected.  

몆 년 전 금융위기 여파로 맨하탄 지역 신규 콘도 개발 물량이 감소하였습니다. 그리고 4년 후 현재 신규 부동산 개발 프로젝트는 증가하는 추세입니다. 고가 부동산 지역을 중심으로 오래 된 고급 콘도 건물을 리모델링하거나 신축하는 개발 프로젝트가 지속적으로 발표되고 있습니다. 오래 된 고급 콘도 건물을 리모델링하는 편이 대형 철골 구조 빌딩을 신축하는 것보다 파이낸싱 비용 조달이 더 용이합니다. 물론 현재 대규모 타워 건설이 추진되고 있으며 향후 몇 년 이내에 고급 부동산 구매자들의 관심을 끌만한 부동산 매물이 등장할 것입니다.

뉴욕타임즈리얼딜은 각각 "Back in Business" 및 "NYCs New Condo Wave"라는 제목의 기사를 통해 맨하탄 지역의 부동산 개발 트렌드를 상세히 보도하였습니다. 전문가 입장에서 최근 신규 부동산 개발이 활성화되고 있지만 이 정도를 열풍으로 보지 않습니다. 물론 현재 관심을 끄는 각종 프로젝트가 새롭게 추진되거나 잠시 주춤했던 프로젝트가 다시 시작되고 있습니다. 신규 부동산 재고 물량은 대다수가 고급 부동산에 치우쳐 있습니다. 따라서 현재 진행 중인 거의 대다수 프로젝트의 평균 평방피트당 가격은 최소 2,000달러를 넘을 것으로 전망됩니다.

여러분의 관심을 끌만한 주요 신규 개발 프로젝트를 소개합니다.

 

530 Park Avenue

파크 애비뉴 60번과 61번 스트리트 사이 "진정한" 어퍼 이스트 사이드 중심에 위치하고 있습니다 클래식한 고전 건축 양식으로 119세대가 건설될 예정입니다. 콘도 부동산 매물이 상대적으로 부족한 지역에 대규모 콘도 물량을 공급할 수 있을 것으로 예상됩니다. 평방피트당 평균 가격은 약 3,000달러이고 2012년 가을 입주 예정입니다. Classic Marketing LLC가 이 프로젝트를 홍보하고 있습니다.

 

One Madison Park

오랜 동안 기원했던 메디슨 파크의 부활이 마침내 시작됩니다. 릴레이티드 그룹이 대규모 프로젝트에 합류하여 힘을 실어 주고 있습니다. 그 동안 이 프로젝트는 지난 몇 년 동안 지지부진한 상태로 유지되고 있었습니다. 50층 규모 초현대식 빌딩이 건설 중에 있습니다. "유리 소재의 정육면체"가 쌓여져 있는 형태의 디자인으로 65세대가 공급될 예정입니다. 이 빌딩은 뉴욕 도심(Flat Iron District 22 East 23rd St. One Madison Park)에 위치합니다. 2012년 리모델링이 완료될 예정입니다.

 

18 Gramercy Park

Gramercy Park 오른편에 위치한 18층 빨간 벽돌 건물입니다. 최근 리모델링을 실시하였습니다. 15 Central Park West 개발을 담당했던 Zeckensdorfs가 건설 프로젝트를 추진하였습니다. 단 16세대만을 위한 우아하고 격조높은 주거 공간이 될 것입니다. 평방피트당 예상 평균 가격은 약 4,000달러 수준이 될 전망이며 2012년 가을부터 분양 및 입주가 시작될 계획입니다. Brown Harris Stevens Select가 독점으로 홍보 및 분양 서비스를 책임집니다.

 

Helmsley Carlton House

보기 드문 클래식한 고전 건축 양식의 아름다움을 자랑하는 Helmsley Carlton Hotel이 68세대 최고급 콘도 빌딩으로 탈바꿈하였습니다. 뷰티끄 매장 Barneys 바로 옆에 위치하며 맞은 편에는 Hermes 매장이 있습니다. 인기 부동산으로 각광 받을 것입니다. 61번과 62번 스트리트 사이 메이슨에 위치한 완벽한 입지를 자랑합니다. 어퍼 이스트 사이드 지역 내 최고가 부동산으로 매매될 것으로 전망합니다. 부동산 전문 시행사 Extell이 부동산 프로젝트를 추진하고 있으며 2015년 완공 예정입니다.

 

150 Charles

허드슨강 150 Charles에 위치한 Whitehall Storage 빌딩으로 유명합니다. 세계적 명성을 자랑하는 Cook + Fox Arhcitects 건축사무소에서 설계하였으며 98세대 규모입니다. 역사적이고 전통적인 건물 외관에도 불구하고 초현대식 인테리어 디자인에 최첨단 시설이 들어설 예정입니다. 허드슨강을 따라 위치한 세계적인 건축가 Richard Meier 건축 사무소와 Superior Ink 빌딩에 이웃하고 고급 주거지역인 웨스트 빌리지의 입지 조건을 고려할 때 이 빌딩은 단연 최고 부동산임에 틀림 없습니다. 프로젝트 시행사는 Douglas Elliman 입니다.

 

737 Park Avenue

이스트 71번 스트리트와 파크 애비뉴에 위치한 고전 건축 양식의 빌딩으로 초호화 콘도로 새단장하였습니다. 구 Drake Hotel 주변 432 파크 애비뉴 일대를 개발하고 있는 부동산 전문 개발업체 Henry Macklowe와 CIM Group이 부동산 프로젝트를 추진하고 있습니다. 웅장한 고전주의 건축양식이 돋보이는 대규모 아파트가 될 것입니다. 현재 완공일은 미정입니다.

 

432 Park Avenue (Drake Tower)

완공이 되면 가장 높은 주거용 빌딩이 될 전망입니다. 81층 타워로서 높이가 무려 1,400피트에 이릅니다. 432 파크 애비뉴에 위치한 포시즌 호텔 맞은 편에 자리잡고 있습니다. 128세대 아파트 규모이며, 평방피트당 평균 가격은 4,500달러입니다. (WSJ 신문 참고). 현재 외부 자금 조달을 받지 못하고 있지만 경제 여건이 좋아지면 프로젝트 파이낸싱 상황이 개선이 될 것으로 전망합니다. 맨하탄 지역의 최고급 콘도 부동산 수요가 국제적으로 많은 만큼 부동산의 가치로 높아질 것입니다. 이 빌딩에 대한 최신 정보를 참조하려면 다음 아래 링크를 클릭하십시오.

432 Park Avenue

 

Tower Verre

Jean Nouvel이 설계한 Tower Verre는 MoMa Tower로 더 많이 알려져 있습니다. 뉴욕시 건설부 규정에 따라 빌딩 꼭대기 부분 외관이 변경되면서 78층 빌딩으로 남게 되었습니다. 53번 스트리트의 5번과 6번 애비뉴 사이에 위치하고 있습니다. Tower Verre는 호텔과 뉴욕 현대미술관 MoMa 갤러리 공간이 공존하는 아름다운 빌딩될 것입니다. 프로젝트에 대해 자세하게 공개된 정보는 아직 없지만 뉴욕 경제주간지 'Crain's New York'에 따르면 프로젝트 개발사는 Corcoran Sunshine Marketing Group을 부동산 매매 관리업체로 선정했다고 보도하였습니다.

 

56 Leonard St.

경제 위기 이전 뉴욕 트리베카에 위치한 57층 빌딩 건설이 시작되었으며 145세대 아파트 들어설 예정이었습니다. 현재 새 투자 파트너를 맞이하여 여러 문제를 해결하고 계획대로 완공될 예정입니다. 부동산 매매 관리 관리업체로 Corcoran Sunshine Marketing Group을 선정하였습니다. 현재 부동산 개발 및 빌딩 건설과 관련된 자세한 정보는 공개되지 않고 있습니다.

 

New Development condo inventory in Manhattan has been on a downward trend in the wake of the Great Recession. Now, four years later, the number of new development projects coming on the market have risen. The most prevalent of these new developments is that of pre-war luxury condo conversions in tony neighborhoods, which seems to be a trend at the moment. Conversions are much easier to finance than big new glass and steel buildings, although, there are a few new record breaking towers that are slated to come on to the market in the next few years as well – all serving the luxury buyer, it seems.

The New York Times and the Real Deal recently reported on new developments in the pipeline in their respective articles, “Back in Business” and “NYCs New Condo Wave.” While we wouldn’t call this level of new development activity a wave, there a number of interesting projects that have either been revived or are brand new. Much of this new inventory is in the Luxury Market Segment, so the average price of all the projects in the pipeline is expected to be at least $2,000 per square foot.

The forthcoming new development projects that we are most excited about are:

 

530 Park Avenue

This 119 unit pre-war conversion in the heart of the “real” Upper East Side between 60th and 61st St. on Park Avenue will be a great addition to an area where there is a dearth of condos. Prices are averaging around $3,000 per square foot and the building will be available occupancy in fall 2012. Classic Marketing LLC is marketing the project.

 

One Madison Park

The long-awaited resurrection of One Madison Park is finally here, as the Related Group has breathed new life into this high profile project that has been dormant for the last few years. This already-built ultramodern 50-story high-rise that “resembles stacks of glass cubes” will have 65 units. The building is located in the heart of downtown - the Flat Iron District – at 22 East 23rd St. One Madison Park is expected to re-launch in the fall 2012.

 

18 Gramercy Park

This gut renovation of an 18 story red brick building right on Gramercy Park is brought to us from the same developer as 15 Central Park West, the Zeckensdorfs. With only 16 units, think boutique chic on the park. Prices are reported to average $4,000 per square foot and an in-house sales office is scheduled to open in September 2012. The project is being exclusively marketed by Brown Harris Stevens Select.

 

Helmsley Carlton House

This rare pre-war conversion of the old Helmsley Carlton Hotel into 68 luxury condos next to Barneys and across from Hermes is destined to be a hit. This is a perfect location on Madison between 61st and 62nd Streets. We anticipate that prices will reflect its rare UES location. The property is being developed by Extell and is slated for completion in 2014.

 

150 Charles

Formerly the Whitehall Storage building on Hudson River, 150 Charles was designed by architects Cook + Fox and will include 98 units. The building will be thoroughly modern despite its historic façade. Given its location in the West Village, neighbors to the tony Richard Meier and Superior Ink buildings along the Hudson River, and all the players involved, we expect this property will be a knockout. The project will be marketed by Douglas Elliman.

 

737 Park Avenue

A rare pre-war conversion at East 71st St. and Park Avenue, this building is being converted into luxury condos by Henry Macklowe and the CIM Group, the same developers of 432 Park Avenue at the old Drake Hotel. Expect grand apartments with pre-war character. Completion date is unknown.

 

432 Park Avenue (the Drake Tower)

Slated to be the tallest residential building when it’s completed, this 81-story tower will be close to 1,400 feet high. Located across the street from the Four Season Hotel, 432 Park Avenue is expected to have 128 apartments at an average price per square foot of $4,500 (per the WSJ). To-date, the building has not received its financing, but we expect as the economy improves the building will secure the required lending, as there has been a high level of international demand for ultra-luxury condos in Manhattan. See our latest blog on the building at:

432 Park Avenue

 

Tower Verre

Designed by Jean Nouvel, Tower Verre, once known as the MoMa Tower, will be 78 stories tall, after having its top chopped off by the NY Buildings Department. Located between Fifth and Sixth Avenues on 53rd St., Tower Verre will feature a hotel and gallery space for the MoMa. While not many details have been released about the project, Crain’s has reported that the developer has hired Corcoran Sunshine Marketing Group to sell the building.

 

56 Leonard St.

Before the Great Recession, the foundation of this 57-story tower in Tribeca had been started and was to feature 145 apartments. With new equity partners, it is expected that his building may rise after all. Corcoran Sunshine Marketing is the exclusive sales agent for the building, although there are few details about when and if the property will be erected.
 

New Development condo inventory in Manhattan has been on a downward trend in the wake of the Great Recession. Now, four years later, the number of new development projects coming on the market have risen. The most prevalent of these new developments is that of pre-war luxury condo conversions in tony neighborhoods, which seems to be a trend at the moment. Conversions are much easier to finance than big new glass and steel buildings, although, there are a few new record breaking towers that are slated to come on to the market in the next few years as well – all serving the luxury buyer, it seems.

The New York Times and the Real Deal recently reported on new developments in the pipeline in their respective articles, “Back in Business” and “NYCs New Condo Wave.” While we wouldn’t call this level of new development activity a wave, there a number of interesting projects that have either been revived or are brand new. Much of this new inventory is in the Luxury Market Segment, so the average price of all the projects in the pipeline is expected to be at least $2,000 per square foot.

The forthcoming new development projects that we are most excited about are:

 

530 Park Avenue

This 119 unit pre-war conversion in the heart of the “real” Upper East Side between 60th and 61st St. on Park Avenue will be a great addition to an area where there is a dearth of condos. Prices are averaging around $3,000 per square foot and the building will be available occupancy in fall 2012. Classic Marketing LLC is marketing the project.

 

One Madison Park

The long-awaited resurrection of One Madison Park is finally here, as the Related Group has breathed new life into this high profile project that has been dormant for the last few years. This already-built ultramodern 50-story high-rise that “resembles stacks of glass cubes” will have 65 units. The building is located in the heart of downtown - the Flat Iron District – at 22 East 23rd St. One Madison Park is expected to re-launch in the fall 2012.

 

18 Gramercy Park

This gut renovation of an 18 story red brick building right on Gramercy Park is brought to us from the same developer as 15 Central Park West, the Zeckensdorfs. With only 16 units, think boutique chic on the park. Prices are reported to average $4,000 per square foot and an in-house sales office is scheduled to open in September 2012. The project is being exclusively marketed by Brown Harris Stevens Select.

 

Helmsley Carlton House

This rare pre-war conversion of the old Helmsley Carlton Hotel into 68 luxury condos next to Barneys and across from Hermes is destined to be a hit. This is a perfect location on Madison between 61st and 62nd Streets. We anticipate that prices will reflect its rare UES location. The property is being developed by Extell and is slated for completion in 2014.

 

150 Charles

Formerly the Whitehall Storage building on Hudson River, 150 Charles was designed by architects Cook + Fox and will include 98 units. The building will be thoroughly modern despite its historic façade. Given its location in the West Village, neighbors to the tony Richard Meier and Superior Ink buildings along the Hudson River, and all the players involved, we expect this property will be a knockout. The project will be marketed by Douglas Elliman.

 

737 Park Avenue

A rare pre-war conversion at East 71st St. and Park Avenue, this building is being converted into luxury condos by Henry Macklowe and the CIM Group, the same developers of 432 Park Avenue at the old Drake Hotel. Expect grand apartments with pre-war character. Completion date is unknown.

 

432 Park Avenue (the Drake Tower)

Slated to be the tallest residential building when it’s completed, this 81-story tower will be close to 1,400 feet high. Located across the street from the Four Season Hotel, 432 Park Avenue is expected to have 128 apartments at an average price per square foot of $4,500 (per the WSJ). To-date, the building has not received its financing, but we expect as the economy improves the building will secure the required lending, as there has been a high level of international demand for ultra-luxury condos in Manhattan. See our latest blog on the building at:

432 Park Avenue

 

Tower Verre

Designed by Jean Nouvel, Tower Verre, once known as the MoMa Tower, will be 78 stories tall, after having its top chopped off by the NY Buildings Department. Located between Fifth and Sixth Avenues on 53rd St., Tower Verre will feature a hotel and gallery space for the MoMa. While not many details have been released about the project, Crain’s has reported that the developer has hired Corcoran Sunshine Marketing Group to sell the building.

 

56 Leonard St.

Before the Great Recession, the foundation of this 57-story tower in Tribeca had been started and was to feature 145 apartments. With new equity partners, it is expected that his building may rise after all. Corcoran Sunshine Marketing is the exclusive sales agent for the building, although there are few details about when and if the property will be erected.

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